The Board of Directors of Xinergy Ltd a Central Appalachian coalproducer announced that it has accepted the resignation of Mr Jon ENix as Chief Executive Officer and Chairman of the Board and hasnamed Mr Todd Q. Swanson as Chairman of the Board and MatthewGoldfarb Interim CEO. Mr Nix, the Company's founder, is steppingdown for personal reasons as he focuses on family matters requiringhis full-time attention. Mr Jon E Nix said "The Company's asset portfolio and balance sheetposition it well to navigate the significant challenges of ourcurrent operating environment. |
As one of the Company's largestshareholders, I have every confidence that Matt and Todd willcontinue to lead with strategic direction toward the creation oflong term shareholder value for all shareholders. Matt has been aninstrumental part of our leadership team from the Company'sinception, and together with Todd, will ensure a smooth transitiongiven their deep familiarity with our operations and understandingof industry fundamentals. Our strong executive management team, ledby President Bernie Mason, remains in-tact and will dutifullycontinue to oversee the day to day operations of the organizationas they have since we came public. It's difficult for me to stepaway from full-time stewardship of the Company, thoughcircumstances require that I shift my near-term focus to thechallenges facing my family." Mr Matthew Goldfarb Xinergy Interim CEO said "Jon has been key toXinergy success over the past several years and leaves us with ahighly-talented management team and an asset configuration thatpresents a very exciting growth platform from which to buildsignificant shareholder value as our end markets recover.
While wewill miss Jon's entrepreneurial and visionary spirit, we fullyunderstand and support his decision to resign and focus hisattention on personal matters." Mr Matthew Goldfarb has served as Vice Chairman of Xinergy sinceJuly 2011 having previously served as lead independent director ofthe Company, Chairman of the Compensation Committee and a member ofthe Audit Committee and Corporate Governance and NominatingCommittee since the Company came public in December 2009. MrGoldfarb also served as Portfolio Manager of Fourth StreetHoldings, LLC a private investment firm, from June 2010 until July2011. From January 2009 until January 2010, Mr Goldfarb managedleveraged loan trading businesses at Pali Capital, Inc a boutiqueinvestment banking firm that offers financial advisory andbrokerage services, and Tradition North America, Inc a leadinginter-dealer broker of money market instruments. Previously, MrGoldfarb was a Director and Senior Investment Analyst of TheBlackstone Group/GSO Capital Partners from January 2007 untilDecember 2008 and a Director and Senior Investment Analyst atPirate Capital LLC, an event-driven hedge fund, from January 2005until September 2006.
Prior to that, Mr Goldfarb was with IcahnAssociates Corp for approximately five years and prior to joiningIcahn, was associated with the law firm of Schulte Roth & ZabelLLP. Mr Goldfarb currently serves as a director of FisherCommunications, Inc. FSCI -0.28% and previously served on theboards of directors of CKE Restaurants, Inc and James River CoalCompany JRCC -3.45% a regional coal mining and processing business. Mr Todd Q Swanson has served as a director of the Company sinceJuly, 2011. Mr Swanson is a private investor in public and privatemarkets, with a focus on the natural resource sector.
Hisexperience includes both public and private equity investing, mostrecently as a partner with Barclays Natural Resource Investmentsfrom 2009 to 2010, a natural resource focused private equity fundaffiliated with Barclays Capital. Previous experience includesThird Point LLC an event-driven, special situations hedge fund,where he was responsible for a global energy portfolio andcompleted several activist investments from 2005 to 2009, ThomaCressey Equity Partners a private equity firm based in Chicago, andKPMG LLP, an international accounting firm where he held accountingand merger and acquisition roles from 1998 to 2001. He is a formerdirector of Massey Energy and several other public and privatecompanies. Source - Xinergy Ltd.
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